Verdict – Short-term bearish.
DCE iron ore extend the correction from yesterday. Daily slow stochastic KD widened after the dead cross created yesterday. Daily MACD and CCI both created bearish divergence with iron ore price over a week. 851.5 changed from support to resistance level. Hourly chart CCI created new low since July 24th. Hourly slow stochastic KD created 12 hours correction consecutively. Short tern technical are indicating DCE iron ore Jan yet finished correction.
The first support is 822.0. The first resistance is 851.5.